Chinese Art Booms at London Sales

But prices for Western art shaky as buyers get credit-crisis jitters
By Jason Farago,  Newser Staff
Posted Oct 16, 2007 9:40 AM CDT
A visitor talks on his mobile phone backdropped by 1993 painting "Sunshine" by artist Yue Minjun in London, Wednesday Oct. 10, 2007. The painting will be part of the Post-War and Contemporary Art sale...   (Associated Press)
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(Newser) – Could turmoil in the financial world trigger an art market crash? That was the question on everyone's mind in London over the weekend during the Frieze Art Fair and the first major sales at Christie's and Sotheby's since the credit crisis. Though the fairs and auctions had all the energy of past years, prices for Western art were clearly shaky.

Several major works failed to reach their minimum estimates at auction, Bloomberg reports. Buyers continued to drive the market but "played it safe," according to the Journal. What everyone agrees on: prices for Chinese paintings are skyrocketing. A 1995 Yue Minjun work sold for nearly $6 million.